When a CIP asset is complete, you place it in service. If your project has more than one CIP asset, you can place each asset in service as it is completed. You do not have to complete the entire project to place an asset in service. You place an asset in service by entering the Actual In-Service Date for the asset. Although you can collect expensed costs for a capital project, you cannot capitalize these costs.
The Actual In-Service Date can be a past, current, or future date. After you enter the date, generate and interface the asset lines. Oracle Assets will calculate and record how much depreciation should have been taken for the asset.
To capitalize CIP asset costs:
Navigate to the Capital Projects window.
Find the capital project whose assets you want to place in service by entering search criteria, such as estimated in service date, project name or number, project type, organization, key member, or class code, in the Find Capital Projects window.
In the Capital Projects window, Oracle Projects displays the summarized expensed, CIP and interfaced project costs for each capital project. The Update Project Summary Amounts process updates expensed, CIP amounts; the Interface Assets process updates the interfaced amount.
Choose the capital project you want and choose the Assets button.
In the Assets window, select the Capital Project Assets Workbench option (if not already displayed), and enter the Actual In-Service Date for the asset you are placing in service.
Compare the Estimated In-Service Date to the Actual In-Service Date. If unreasonable discrepancies exist, verify that the Actual In-Service Date for the asset is correct.
Note: You cannot send assets to Oracle Assets whose actual date placed in service is later than the current Oracle Assets period date.
Enter a complete asset definition for the asset if you have set up Oracle Projects to only allow complete definitions to be sent to Oracle Assets.
For a list of the fields required for a complete asset definition, see: Asset Attributes.
Save your work.